Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

TGI Fridays reports slight growth despite casual dining crunch

23 July 2018 by
TGI Fridays reports slight growth despite casual dining crunch

TGI Fridays' bottom line held steady in 2017 with marginal growth in the business despite a difficult year for the casual dining industry.

However earnings before interest, taxes, depreciation and amortization (EBITDA) remained steady on the previous year - rising slightly from £33.24m to £33.29m.

The US-style chain, which has operated in the UK for more than 30 years, opened three restaurants over the course of the year, and saw its turnover increase by almost £5m to £215m in total. Despite this the group recorded a pre-tax loss of £18m.

The growth, revealed in the company's annual report, was heralded as a source of pride for chief executive Karen Forrester.

She said: "It's been a tough environment for the casual dining sector in the past few years, and we believe that it is set to continue.

"We're proud that against that backdrop our latest figures demonstrate a year of growth for us, with three new restaurant openings and significant investment in improving our website and app experience for our guests."

According to reports by This is Money Forrester has been rewarded with a pay rise, despite a campaign against the company being organised by the union Unite.

The campaign has included strikes at a limited number of restaurants in protest to the company's decision to offer 40% of credit card tips to back of house staff.

A TGI Fridays spokesperson said: "Our team members are a part of our Fridays family, and we care about them. We believe all our team members should be - and are - treated and paid fairly.

"100% of tips go, as they have always done, to our team members, and our tipping and pay policies are separate. Overall, the change to our tipping policy has had positive feedback from our Fridays Family.

"However, we are listening to the small minority of our team members who are unhappy with the changes and are collectively working to find a resolution."

TGI Fridays staff preparing to strike over tips policy>>

Top 100: Karen Forrester, TGI Fridays>>

Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking